State Endowment Properties Sell for $17.2 Million

BOISE, Idaho (KLIX) The Gem state has made $17.2 million on seven commercial properties that went up for auction across the state this week.

According to the Department of Lands, six commercial properties in Boise and one in Idaho Falls sold to the highest bidders at an auction held in Meridian on Thursday. Two properties in Idaho Falls did not sell.

IDL says the total came out to $17,265,000 for the properties. The bids totaled $4,475,000 above the appraised price for all of them. Nearly 50 people placed bids and 200 people attended the auction.

Idaho endowment lands benefit several organizations in the state including the Public Schools Fund, Normal School Fund, State Hospital South Fund, and the University of Idaho Fund.

Auction held in Meridian, Idaho for several commercial properties that brought in $17.2 million for endowment beneficiaries. Photo courtesy Idaho Department of Lands.

Here are some of the specifics provided by the IDL:

Three downtown Boise properties – the Sherm Perry building in which 10 Barrel is located (826 W. Bannock Street), the Garro building (816 W. Bannock Street), and the Garro building parking lot (822 W. Bannock Street) – sold together as one package for $6,575,000, or $2,030,000 more than the appraised price of the properties.

Affordable Storage located at 448-450 S. Maple Grove Road in Boise sold for $4.7 million, or $1,690,000 more than its appraised price.

The former bank building located at the corner of 8th and State Streets in downtown Boise across from the Capitol sold for $1,475,000, or $645,000 more than its appraised price.

The office building located at 602 N. Fifth Street in downtown Boise – referenced as “Central Washington Place” – sold for $4,185,000 with no competitive bidding.

A parking lot located at 961 E. Lincoln Road in Idaho Falls sold for $330,000, or $110,000 more than its appraised price.